![Can I use gift deeds as proof of funds for my express entry application](https://static.wixstatic.com/media/3f4153_a7cc867f27874b80843f4e02752691ed~mv2.png/v1/fill/w_980,h_1225,al_c,q_90,usm_0.66_1.00_0.01,enc_auto/3f4153_a7cc867f27874b80843f4e02752691ed~mv2.png)
When Somto decided to pursue her dream of moving to Canada, she knew that one crucial step in her journey would be proving that she had enough money to settle in her new home. Like many applicants, she had questions about whether she could use money gifted from her family as part of her proof of funds for her Express Entry application.
Understanding Proof of Funds for Express Entry Applications
Immigrating to Canada often requires demonstrating financial stability. This is where proof of funds comes in. It's essentially showing the Canadian immigration authorities that you have enough money to support yourself and your family when you arrive.
Who Needs Proof of Funds?
Proof of funds is necessary for applicants of the:
Who Does Not Need Proof of Funds?
You do not need to provide proof of funds if you are applying under the Canadian Experience Class or if you have a valid job offer and are authorized to work in Canada.
Despite this, all applicants must upload a proof of funds document. If you fall into the exemption categories, you can submit a letter explaining your situation instead.
How Much Money Do You Need?
The amount of money you need depends on the size of your family. To calculate the size of your family, include:
Yourself
Your spouse or common-law partner
Your dependent children
Your spouse or common-law partner’s dependent children
You must include your spouse or common-law partner and dependent children, even if they are:
Canadian citizens or permanent residents
Not coming to Canada with you
![Express Entry Proof of funds](https://static.wixstatic.com/media/3f4153_eee7656c404f460aa82d5ad220233eda~mv2.jpg/v1/fill/w_828,h_1146,al_c,q_85,enc_auto/3f4153_eee7656c404f460aa82d5ad220233eda~mv2.jpg)
If you have more money than the minimum, you should list the full amount in your profile or application.
What is Accepted as Proof of Funds?
To qualify as proof of funds, the money must be readily available to you for living expenses in Canada. Acceptable proof of funds must include official letters from banks or financial institutions where you have accounts. These letters must be printed on the financial institution’s letterhead and include:
Contact information of the financial institution (address, telephone number, and email address)
Your name
Your outstanding debts (such as credit card debts and loans)
Details for each current banking and investment account you have, including:
Account numbers
Date each account was opened
Current account balances
Average balance for the past six months
Your funds must be available when you apply and when you receive your permanent resident visa. You must prove that you can legally access the money when you arrive in Canada. This means:
You cannot use equity on real property as proof of settlement funds
You cannot borrow the money from another person
If your spouse is coming with you, you can count money you have together in a joint account. You may also be able to count money in an account under your spouse’s name only, but you must prove you have access to the money.
Can I Use a Gift Deed for Proof of Funds?
A gift deed is a legal document that formally transfers property or monetary assets from a donor to a recipient without expecting anything in return.
Many applicants wonder if they can use money received as a gift for their proof of funds. The answer is yes, but this applies to Express Entry applications and there are specific conditions.
Irrevocability: The gift must be irrevocable, meaning the donor cannot ask for the money back.
Source of Funds: The donor must be able to demonstrate the legitimate source of the gifted funds.
Sufficient Funds: The total amount, including your own funds and the gift, must meet the minimum required for your family size.
Accessibility: You must have unrestricted access to the funds.
Case Study: Somto's Proof of Funds
![Permanent Residence Approval](https://static.wixstatic.com/media/3f4153_d2014a08667640d18c4b67154cf341d7~mv2.png/v1/fill/w_980,h_1225,al_c,q_90,usm_0.66_1.00_0.01,enc_auto/3f4153_d2014a08667640d18c4b67154cf341d7~mv2.png)
Our client Somto's situation was unique. She received an invitation to apply(ITA) in February 2024 and needed 14,690 CAD as proof of funds for her PR application as a single applicant, but had l personal savings of about 34.5% from her employment.
However, she received financial support from her father and sister in the form of irrevocable gifts.
Personal Savings: Somto had a personal balance of approximately 34.5% from her employment and savings.
Gifts from Father and sister: Her father transferred 65.5%
These contributions increased Somto's savings, and when converted to CAD, she had 15,836 CAD as her proof of funds, making her financial position stronger for her Express Entry application. But to use these gifted funds, we needed to ensure they were documented correctly and met all requirements.
Somto's proof of funds documentation included:
Notarized Deed of Gift Letters: Clearly stating the gifts were unconditional and irrevocable.
Bank Statements: Showing the transfers and the balances in her bank accounts.
Summary Letter: Explaining the sources of funds and including copies of the notarized gift deeds.
By clearly documenting her savings and the generous gifts from her family, we were able to confidently submit her permanent residence application and on the 30th July 2024, she received her PR approval!
![PR approval Sample](https://static.wixstatic.com/media/3f4153_b7825f7e64174dc89d23b12819f74fd4~mv2.png/v1/fill/w_980,h_1225,al_c,q_90,usm_0.66_1.00_0.01,enc_auto/3f4153_b7825f7e64174dc89d23b12819f74fd4~mv2.png)
Final Tips for Using Gifted Money
For others in a similar situation, here are some final tips:
Ensure Clarity and Consistency: All documents should be clear and consistent, leaving no doubt about the legitimacy of the funds.
Provide Detailed Documentation: Include detailed bank statements and notarized gift letters to substantiate the gifted amounts.
Explain Everything: Write a comprehensive summary letter explaining the sources of your funds and attaching all supporting documents.
Canadian Permanent Residency with InfoPlace Canada
Immigration rules can be complex. While this information provides a general overview, it's essential to consult with an immigration professional for personalized advice tailored to your specific circumstances. Contact us or schedule a consultation today to start your journey to Canada and contribute to the country's prosperous future.
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